PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

MoneyGram Jumps into the Cryptocurrency Game with Ripple

By Sarah Grotta
January 12, 2018
in Analysts Coverage
0
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
faster payments, Synchrony

Save money with stack money coin for growing your business

MoneyGram announced that they are working with Ripple to provide international remittances in Ripple’s cryptocurrency, XRP. An article in American Banker explains why:

To execute cross-border payments today requires financial institutions to rely on a complex web of relationships with correspondent banks in other countries. Worse, they must hold dormant cash in overseas accounts to provide liquidity for payments. Under the Basel III regime, these reserves count against banks as balance-sheet assets, forcing them to hold even more cash to cover their supposed liabilities.

Enter Ripple. The San Francisco startup is offering on-demand liquidity and rapid foreign exchange through XRP, theoretically allowing financial institutions to send payments around the world without the need for multiple corresponding accounts. Fees would be lower and the payment flows more transparent.

“The payments problem doesn’t just affect banks, it also affects companies like MoneyGram, which help people get money to the ones they care about,” Brad Garlinghouse, Ripple’s CEO, said in a news release on Thursday. “By using a digital asset like XRP that settles in three seconds or less, our clients can move money as quickly as information.”

 Beyond offering a new product, another reason for the partnership might be the up-tick in stock price that Money Gram achieved yesterday after the announcement that it was integrating a cryptocurrency solution.  This was most likely appreciated after the disappointing new last week that their acquisition by Ant Financial was called off.

Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group

Read the quote story here

 

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: CryptocurrenciesMoneyGramRipple

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    supply chain payments

    The Payment Process: The Supply Chain’s Most Overlooked Cyber Risk

    July 17, 2025
    Navigating Global Fintech Regulations Through Strategic Regulatory Arbitrage

    Navigating Global Fintech Regulations Through Strategic Regulatory Arbitrage

    July 16, 2025
    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    July 15, 2025
    Embedded Finance

    Embedded Finance: Bringing Payments Under a Single Umbrella

    July 14, 2025
    Making Real-Time Payments a Reality

    Fulfilling the Promise: Making Real-Time Payments a Reality

    July 10, 2025
    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result